Voting with their feet against China

Thomas Lifson
Wealthy Chinese are implicitly rebuking mush-headed admirers of their dictatorship such as Thomas Friedman of the New York Times and UN climate change officials.  CNBC reports:

Do the wealthy Chinese know something we don't?

A new report shows that 64 percent of Chinese millionaires have either emigrated or plan to emigrate-taking their spending and fortunes with them. The United States is their favorite destination.

The report from Hurun, a wealth research firm that focuses on China, said that one-third of China's super rich-or those worth $16 million or more-have already emigrated.

The data offer the latest snapshot of China's worrying wealth flight, with massive numbers of rich Chinese taking their families and fortunes overseas. Previous studies show the main reasons rich Chinese are leaving is to pursue better educations for their kids, and to escape the pollution and overcrowding in urban China.

It turns out that rapid industrialization under a dictatorship is not that attractive, even for those who have benefitted the most. It is almost automatic for Chinese who can afford to do so to to try to establish one or more of their children (if they somehow were able to escape the one-child limitation - which is indeed possible for the wealthy) in an overseas location. The US West Coast cities, New York, Vancouver and Toronto are the favored locations, but apparently Europe is now seeing wealthy Chinese establishing themselves there.

There is one more factor in the urge to flee - fear of the government so admired by Thomas Friedman:

But analysts say there is another reason the Chinese rich are fleeing: to protect their fortunes. With the Chinese government cracking down on corruption, many of the Chinese rich-who made their money through some connection or favors from government-want to stash their money in assets or countries that are hard for the Chinese government to reach.

Admiration for and even envy of China is one of the most revealing tells of many progressives. They are autocrats at heart, seeking to impose their vision of a virtuous society on lesser mortals in need of their instruction. The actual results don't matter so much as their own power.

 

Wealthy Chinese are implicitly rebuking mush-headed admirers of their dictatorship such as Thomas Friedman of the New York Times and UN climate change officials.  CNBC reports:

Do the wealthy Chinese know something we don't?

A new report shows that 64 percent of Chinese millionaires have either emigrated or plan to emigrate-taking their spending and fortunes with them. The United States is their favorite destination.

The report from Hurun, a wealth research firm that focuses on China, said that one-third of China's super rich-or those worth $16 million or more-have already emigrated.

The data offer the latest snapshot of China's worrying wealth flight, with massive numbers of rich Chinese taking their families and fortunes overseas. Previous studies show the main reasons rich Chinese are leaving is to pursue better educations for their kids, and to escape the pollution and overcrowding in urban China.

It turns out that rapid industrialization under a dictatorship is not that attractive, even for those who have benefitted the most. It is almost automatic for Chinese who can afford to do so to to try to establish one or more of their children (if they somehow were able to escape the one-child limitation - which is indeed possible for the wealthy) in an overseas location. The US West Coast cities, New York, Vancouver and Toronto are the favored locations, but apparently Europe is now seeing wealthy Chinese establishing themselves there.

There is one more factor in the urge to flee - fear of the government so admired by Thomas Friedman:

But analysts say there is another reason the Chinese rich are fleeing: to protect their fortunes. With the Chinese government cracking down on corruption, many of the Chinese rich-who made their money through some connection or favors from government-want to stash their money in assets or countries that are hard for the Chinese government to reach.

Admiration for and even envy of China is one of the most revealing tells of many progressives. They are autocrats at heart, seeking to impose their vision of a virtuous society on lesser mortals in need of their instruction. The actual results don't matter so much as their own power.